Best no-doc business loans of October 2023

What are no-doc business loans?

No-doc business loans refer to loans that require minimal paperwork. While you’ll still need to upload bank statements and sign a contract — a no-doc business loan is designed to greatly simplify and speed up the application process.

Common types of no-doc loans include short-term loans, lines of credit, merchant cash advances and invoice financing. They’re typically offered by online lenders and loan marketplaces that can connect to your financial accounts in real-time and specialize in fast-turnaround loans – as soon as 24 hours in some cases.

The downside of no-doc loans are higher APRs and shorter repayment terms – with APRs ranging from 3% to 60% with terms from six to 36 months. If you can get a traditional business loan, you could snag a lower rate and longer repayment timeframe.

But if you can’t spend days on an application or don’t qualify for a traditional loan, our list of the best no-doc loans in October may be a good alternative.

9 best no-doc business loan providers

There are only a few no-doc business lenders, so we’ve also included lenders with low document requirements in this list — some only needing bank statements. We’ve also included financing options, such as credit lines and factoring, in our top picks:

  • Best overall: Lendio
  • Best short-term business loan: OnDeck
  • Best equipment loan: National Business Capital
  • Best line of credit: Bluevine
  • Best lending marketplace:
  • Best working capital loan: Backd
  • Best invoice factoring: FundThrough
  • Best merchant cash advance: Credibly
  • Best inventory financing: Kickpay

Best overall

Best short-term business loan

Best equipment loan

Best line of credit

Best lending marketplace

Best working capital loan

Best invoice factoring

Best for merchant cash advances

Best for inventory financing

Best no-doc loans: By the numbers

Compare no-doc and low-doc lenders side by side.

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LenderAPRsLoan amountsTurnaroundLoan termsLendioStarting at 3%$1,000 to $5,000,000Not stated2 to 10 yearsOnDeck29.9% to 65.9%$5,000 to $250,000Offers same day funding3 to 24 monthsBackdCompetitive$10,000 to $2,000,0001 to 2 days6 to 12 monthsFundThrough2.75% to 8.25% financing fee$500 to $10,000,000Offers same day funding1 to 3 monthsBluevineStarting at 6.2%$6,000 to $250,0001 day6 to 12 monthsCrediblyNot applicable$5,000 to $400,0001 day3 to 15 monthsKickpayFee of 3% to 7% of the manufacturing cost$20,000 to $500,0002 to 9 days16 weeksNational Business CapitalNot stated100% of the equipment value1 dayUp to 5 yearsBusinessLoans.comNot stated$5,000 to $3,000,0001 to 7 days3 to 60 months

Methodology: How we choose the best no-doc providers

Finder’s lending experts review dozens of business loan providers before selecting the best low-document lenders. We pay special attention to providers with little to no hard-copy documentation requirements and quick turnaround times, and we regularly review our top selections as lenders enter and leave the market.

Each lender is weighted against eight metrics: document requirements, turnaround time, business requirements, rates, loan amounts, application ease, loan terms and lender reputation based on customer reviews. We also consider Better Business Bureau ratings and reviews, as well as customer reviews on Trustpilot.

How no-document lenders work

A no-doc business loan doesn’t mean you won’t fill out any forms — it just means you may not be required to complete paper forms or fax documents to your lender.

In some cases, you can get around document requirements completely by connecting with your business’s other online accounts. This is particularly common with e-commerce seller financing, especially if you’re borrowing from a platform like PayPal or Amazon.

Some lenders are low-doc, rather than no-doc. They require you to submit an online application and PDFs of a few key documents. You might also need to give them access to specific business accounts for verification.

Getting a business loan with EIN only

New businesses and startups that don’t have previously established credit can apply for business financing with only their Employer Identification Number (EIN). But without a business credit score, most lenders will require you to use your personal score and to guarantee the loan personally.

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If you don’t want to mix your personal finances with your business, you could try to establish business credit before you apply by using a small business credit card or paying off any existing debt your business has accrued.

Types of no-doc business loans

No- and low-doc lenders often offer several types of business financing, but some specialize or may require more documentation for certain loan types or if you need a larger amount of money. The types of financing that may qualify you with no or very few documents include:

  • Term loans. You get a lump sum of money that you pay back over time in installments that include interest and fees. These loans can be short-term, lasting only a few months to a year, or long-term, with payments spanning over ten years.
  • Equipment loans. Finance the equipment you need to run your business, using the equipment itself as collateral for the loan.
  • Lines of credit. Applying for this type of financing gives you access to a set amount of money, kind of like a credit card. You only draw what you need and pay interest on the amount you’ve drawn, not the entire line amount.
  • Invoice factoring. If your company has a lot of outstanding invoices, you can sell those to a lender for less than their full value and allow that lender to collect the balance.
  • Merchant cash advances. If your business has a lot of credit card transactions, you can use the expected future sales to finance a short-term cash advance. This form of financing is very expensive and should only used as a last resort.
  • Inventory financing. Similar to an equipment loan, you can take out a term loan or line of credit to finance the inventory you need for your business and use that inventory as collateral.

How to find the best no-doc lender

When comparing no-doc lenders to find the best one for your business needs, ask these five important questions:

  1. Is this the right loan for what I’m trying to accomplish? Find the right loan type for your needs. If you need new equipment, look at equipment financing. For a one-time expense, look into a fixed-term loan.
  2. Can this lender give me all the funding I need? Look for a provider that offers the amount you’re looking for. Taking out too much or too little can put you in a worse financial position.
  3. Are the rates and fees competitive? You can often save more with a lender offering a low APR — a rate that combines interest and fees.
  4. How long will it take to get my money? Applying with a lender that offers quick turnaround is especially important if you’re trying to cover an urgent expense.
  5. Do I meet the eligibility requirements?Don’t waste your time applying with lenders you can’t qualify for.
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Pros and cons of online no-doc lenders vs. banks

When you’re deciding between a no-doc lender vs a traditional loan from a bank, it’s essential to assess your business’s specific circumstances, financial situation and priorities. Here are some pros and cons to consider.

While no-doc loans can offer funding within 24-48 hours, the quickest business lenders can offer funding within the same day that you apply if you qualify.

Alternatives to no-doc providers

You’ll find that most lenders do require some type of paperwork — especially when it comes to business loans. But if you’re looking to compare your options without submitting mountains of paperwork, you do have other options.

  • Business loan marketplace. Also sometimes called a connection service, a marketplace allows you to fill out one set of forms that can be completed within minutes and submit your information to several lenders at once. You can apply for free, though some marketplaces charge packing fees to apply for an SBA loan.
  • Community bank. This option may require lots of documentation the first time around. But once your loan officer gets to know your business, they may be able to get your financing within a day or even hours without requiring extra paperwork.
  • Startup funding. No-doc loan providers tend to require at least three months in business to qualify, so if you’re looking for startup financing, you’ll need to look for lenders who specifically cater to brand new businesses and those that haven’t yet opened their doors.